The domestic market witnessed mixed reactions on Wednesday amid uncertain global cues and corporate earnings seasons. Good corporate results continue to impress investors on D-street as strong buying interest is seen in such stocks. Meanwhile, one stock that has exceeded investors’ expectations is Tega Industries.
Shares of Tega Industries (NSE Code – TEGA) surged 10% on Wednesday to lock in the upper circuit at Rs 899.45 levels on the exchanges, owing to its impressive results.
Tega Industries is a global leader in the design and production of innovative solutions for the mining, material handling, and mineral beneficiation industries. With a strong focus on quality and customer satisfaction, Tega offers a comprehensive range of products, including wear-resistant linings, screening media, and conveyor components, to enhance operational efficiency and productivity.
For the quarter that ended March 31, 2023, the company reported a 36.7% YoY jump in revenue to Rs 396.40 crore as compared to Rs 290 crore in the same quarter from the previous fiscal. Also, net profit rose 58.2% YoY to Rs 77.20 crore from Rs 48.80 crore in March 2022, thanks to improved efficiency and growing margins.
The company’s volumes grew by 16-17% during the quarter compared to the previous financial year, while it undertook price hikes in the range of 5-6% for the quarter. Meanwhile, the company’s EPS stood at Rs 11.65 apiece from Rs 7.37 in Q4FY22.
Interestingly, the board of directors has recommended a final dividend of Rs 2 per equity share held for the face value of Rs 10, i.e., a 20% dividend for the financial year ended 2022-23.
The Kolkata-based engineering solutions provider company’s shares gained over 46% since listing. The stock made a stellar market debut at a 66% premium of Rs 760 per share from the IPO issue price of Rs 453 at the upper end in December 2021.